I have had done very well but I do a lot of contract work. i have a good reputation and well respected for my views and ability to solve problems.
With no degree or trade school training. Though I did try to do the trade school thing, hint go to college if you want the education. Most trade schools are proving to be ripoffs.
I even worked for NASA on contract so yes its very possible to move in the IT field with no formal education.
I have been a Lead Systems Administrator for a couple of companies and also worked as a CIO/CTO for a small company in Texas.
A few people were very surprised I had no college education in the IT field whatsoever, which, as far as I know, there was only one person whom ever complained about being more qualified than me but the boss there shut him up. Not sure what he said to the guy but he stopped immediately.
Truth is, this business is less about degrees than it is about results. If you make results happen you make a good reputation for yourself.
Also anyone without a degree needs to be active in the online community so that you have an instant reference other than that. No degree no worries for me.